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🇰🇷 South Korea /Elections & Politics

South Korean unions demand swift legislation to raise retirement age to 65

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Two major South Korean labor unions are demanding the government and ruling party swiftly legislate an increase in the retirement age from 60 to 65.
  • They argue that delaying the retirement age increase is a matter of survival for workers and a fulfillment of election pledges.
  • Labor groups are concerned that the proposed phased increase, which would reach 65 by 2037, is too slow and could create income gaps for those nearing retirement.

South Korea's two largest labor federations, the Korean Confederation of Trade Unions (KCTU) and the Federation of Korean Trade Unions (FKTU), have jointly urged the government and the ruling Democratic Party to expedite legislation raising the mandatory retirement age from 60 to 65. They assert that this is a critical issue for workers' livelihoods and a necessary fulfillment of campaign promises.

The retirement age extension is an era-defining task that can no longer be delayed; delaying it means the damage will fall entirely on the workers.

— KCTU and FKTUThe labor unions stated their urgency for legislative action.

During a press conference at the National Assembly, union leaders stated that delaying the retirement age increase is an "era-defining task" and that any postponement would disproportionately harm workers. They called on the current administration and the Democratic Party to honor their commitments made during the presidential and local elections.

We demand that the Lee Jae-myung government and the Democratic Party fulfill their presidential and local election pledges.

— KCTU and FKTUThe unions called for the government to act on campaign promises.

A recent survey commissioned by the FKTU indicated that 88.3% of South Koreans aged 20 to 69 support raising the legal retirement age. Despite this public backing, the Democratic Party's special committee on retirement age extension is reportedly considering a gradual increase, aiming to reach 65 by 2037. This plan involves raising the age by one year to 61 in 2029 and then by one year every two years thereafter.

The implementation timeline is excessively late, and the income gap problem for those nearing retirement, such as those born in 1967 and 1968, will inevitably remain serious.

— KCTU and FKTUThe unions criticized the proposed gradual increase in retirement age.

Labor unions have criticized this timeline as excessively slow, warning that it could lead to significant income gaps for workers born in 1967 and 1968, who would be nearing retirement before the full extension takes effect. They are pushing for a much faster implementation. The unions also expressed concern about proposals for post-retirement re-employment, viewing them as a potential rollback of labor conditions disguised as retirement extensions, and insisted that such arrangements should be negotiated equally between labor and management.

Responsible decisions are needed from the government and the ruling party, not just reviews or public opinion polling.

— Kim Dong-myung, FKTU ChairmanKim Dong-myung urged decisive action from political leaders.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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